Chevron approves raises for top execs

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Chevron Corp. said Monday its board of directors has approved pay increases for the company's top executives.

Chairman and CEO John Watson received a $100,000 raise, bringing his base salary to $1.6 million. The board also agreed to boost performance-based incentive awards for Watson.

Chief Financial Officer Pat Yarrington was given a $60,000 raise to bring her base salary to $860,000 and George Kirkland, Chevron's vice chairman and executive vice president, received an increase of $100,000 to bring his base salary to $1.3 million.

The salary increases, effective April 1, are only a portion of the compensation that each executive receives. Executives typically receive company stock, cash bonuses, perks and other forms of compensation.